Benzie County Real Estate and Livability Trends
Benzie County, Michigan is unveiling noteworthy trends for real estate investors. Average taxable incomes have climbed from $47,164.27 in 2013 to approximately $72,678.47 in 2021, hinting at a stronger economic landscape. However, potential buyers should not overlook that state and local income taxes have nearly tripled, now averaging $11,937.84. Median home values surged from $150,000 in 2015 to... Read more
Benzie County Market Trends
In Benzie County, Michigan, median home values have surged from $150,000 in 2015 to $243,600 in 2022, outpacing both state and national trends. Residential energy tax credits have fluctuated significantly, most notably spiking to $2,533.33 in 2018 and dipping to $900.00 in 2019. Real estate taxes per return have more than doubled from $3,050.46 in 2012 to $7,814.28 in 2021, with sharp increases... Read more
Median Value of Occupied Housing Units in Benzie County, Michigan Over the Last 8 Years
Benzie County, Michigan's median home values saw an impressive rise from $150,000 in 2015 to $243,600 in 2022, a significantly faster growth rate compared to both state and national trends. Michigan's median values grew from $122,400 to $201,100 and the national median rose from $125,500 to $179,400 over the same period. This suggests Benzie County may offer robust investment opportunities, with home values potentially escalating more rapidly than broader market averages.
Residential Energy Tax Credit Per Tax Return in Benzie County, MI Over the Last 9 Years
Benzie County, Michigan has seen significant fluctuations in the average residential energy tax credit per tax return over the last nine years, with noteworthy spikes in 2018 ($2,533.33) and 2019 ($900.00). This dynamic change might interest investors and real estate agents looking for factors impacting property costs and energy-efficient investments. For those in appraisal or insurance, these variations could suggest evolving homeowner priorities towards energy efficiency. Local residents and potential movers might find the increasing average values indicative of broader community shifts towards more sustainable living practices.
Average Real Estate Taxes Per Tax Return in Benzie County, MI Over the Last 10 Years
Benzie County, Michigan has seen a steady increase in real estate taxes per tax return over the last decade. Starting at just over $3,050.46 in 2012, these taxes have more than doubled, reaching $7,814.28 by 2021. The most notable jumps occurred between 2017 and 2018, with an increase from approximately $4,141.55 to $6,128.00, and from 2018 to 2019, where it rose to approximately $6,309.80. Such trends suggest increasing property values or taxation rates, making this data crucial for investors, potential homeowners, appraisers, and real estate professionals interested in the evolving economic landscape of the county.
Percentage of Farm Returns in Benzie County, MI Over the Last 10 Years
In Benzie County, Michigan, the percentage of farm tax returns has seen a general decline over the last decade, dropping from 1.58% in 2012 to 1.24% in 2021. Farm tax returns, a crucial indicator of agricultural activity and profitability, reflect the economic health of the local farming sector. For investors and prospective property builders, this downward trend might suggest caution, as it could hint at challenges in the agricultural economy of the area. Residents and those looking to move here should consider the broader economic implications and potential shifts away from farming as a significant industry.
Number of Mortgages by Occupancy Type in Benzie County, MI Over the Last 5 Years in Benzie County
Benzie County, Michigan has shown a noticeable uptrend in mortgage counts for principal residences from 595 in 2018 to a peak of 979 by 2021, before dropping to 678 in 2022. Meanwhile, the volume of second residences saw an increase up to 304 in 2020 but has since fallen to 119 in 2022. Investment property mortgages remain comparatively low, fluctuating slightly but consistently under 40. This fluctuation in occupancy types is indicative of a shifting market where demand for primary homes surged significantly before cooling off, potentially reflecting broader economic conditions or changes in population movement. For appraisers, investors, and real estate agents, understanding these trends is crucial as they impact property valuations, market strategies, and lending practices within the county. Shifts towards more principal residences can signal a robust local buyer's market, while decreases may reflect tightening economic conditions or altered desirability, influencing everything from property insurance premiums to investment viability.
Economic Outlook
Benzie County, Michigan is showing promising signs for real estate investors with average taxable incomes climbing from $47,164.27 in 2013 to approximately $72,678.47 in 2021. While this suggests stronger economic conditions, potential buyers and investors should factor in the concurrent rise in state and local income taxes, which have nearly tripled over the same period, now averaging $11,937.84. Additionally, the average total tax liability per tax return has almost doubled, reaching about... Read more
Average Taxable Income per Tax Return in Benzie County, MI over the last 9 years
Benzie County, Michigan has seen a gradual rise in average taxable income per tax return over the past nine years. Starting at around $47,164.27 in 2013, there was a notable uptrend, reaching approximately $72,678.47 in 2021. The most significant increases appear to have occurred between 2016 and 2021, suggesting potentially favorable economic conditions or shifts in local employment trends. These patterns could hint at a growing economic base, more lucrative job opportunities, or demographic changes that appeal to those looking to invest, relocate, or work in the area.
Average State and Local Income Taxes Per Tax Return in Benzie County, MI Over the Last 10 Years
Over the past decade, Benzie County, Michigan has seen a notable rise in average state and local income taxes per tax return, doubling from around $3,631.82 in 2012 to $11,937.84 in 2021. The most significant jumps occurred between 2017 and 2019, suggesting possible economic or policy shifts in the area. Those considering investments or relocations should be aware of the increasing tax obligations, which could impact budgets and financial planning.
Average Total Tax Liability Per Tax Return in Benzie County, MI Over the Last 10 Years
Over the past decade, Benzie County, Michigan has shown a notable increase in average total tax liability per tax return. Starting from roughly $6,970.92 in 2012, the average tax liability has seen fluctuations but generally trended upward, peaking at approximately $11,391.43 in 2021. This trend might signal growing incomes or increased property values, potentially making the county more attractive to investors and real estate agents. For insurance agents and appraisers, understanding this upward trend can aid in assessing risk and value adjustments. Those considering moving or building property in Benzie County should be aware of these rising tax liabilities as a factor in their financial planning.
Cost of Living in Benzie County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,224 | $1,436 | $1,603 | $1,384 | $1,220 |
| 1 adult 4 children | $1,224 | $1,172 | $1,224 | $1,384 | $1,351 |
| 2 adults 3 children | $1,224 | $1,173 | $1,392 | $1,384 | $1,027 |
| 1 adult 3 children | $1,224 | $958 | $1,013 | $1,384 | $1,133 |
| 2 adults 2 children | $1,006 | $960 | $1,181 | $1,199 | $913 |
| 1 adult 2 children | $1,006 | $717 | $802 | $1,199 | $880 |
| 2 adults 1 child | $1,006 | $759 | $970 | $600 | $827 |
| 1 adult 1 child | $1,006 | $490 | $591 | $600 | $703 |
| 2 adults | $764 | $610 | $759 | $0 | $674 |
| 1 adult | $696 | $332 | $379 | $0 | $562 |
Safety trends & Data
Property crime trends in Benzie County, Michigan over the last five years reveal significant fluctuations. Larceny-theft peaks at 14 incidents per year, surpassing other categories like embezzlement and burglary, which show lower and inconsistent figures. Notable decreases in burglary and vandalism might signal improving security or shifts in reporting practices. These variances are crucial for real estate markets and insurance risk assessments, highlighting potential improvements in community... Read more
Property Crime Trends in Benzie County, MI Over the Last 5 Years
Property crime trends in Benzie County, Michigan over the last five years show fluctuations across different categories. Larceny-theft appears to be the most frequent, peaking at 14 incidents per year twice, while other types like embezzlement and burglary show lower and inconsistent figures. Notable decreases in burglary and vandalism can be observed, which might signal improving security or changes in reporting practices. These variances can be vital for real estate markets, insurance risk assessments, and law enforcement resource allocation, illustrating potential improvements in community safety or shifts in criminal activity patterns.
Demographics
Benzie County, Michigan exhibits a near-equal gender distribution among its adult population. Educationally, a significant portion of residents possess a high school diploma as their highest qualification, with fewer advancing to higher degrees. The age distribution suggests a significant elderly population, which could impact local health services and community planning. Racially, it's predominately White with minimal representation from other ethnic groups. These demographic insights may... Read more
Race Distribution in Benzie County, Michigan (2022)
Educational Attainment in Benzie County, Michigan (2022)
Age Distribution in Benzie County, Michigan
Citizen Population in Benzie County, Michigan (2022)
Political Trends & Data
In Benzie County, Michigan, a slight Republican edge was seen in the 2020 Presidential Election, securing 54% of the vote versus 45% for Democrats. Third-party support remains minimal, with Libertarians at just over 1%, and other minor parties capturing less than 1% each, indicating a strong two-party preference among local... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Benzie County, Michigan, the Republican party appears to have garnered a modest lead over the Democrats in the 2020 U.S. Presidential Election, securing about 54% of the vote compared to roughly 45% for the Democratic party. Support for third parties seems minimal, with the Libertarians gaining just over 1%, and the Green and Other parties capturing less than 1% each. This pattern might suggest a strong two-party preference among the voters, with only a minor fraction leaning towards alternative options.
53.83% of voters voted for the Republican party in the 2020 Presidential Election
44.69% of voters voted for the Democrat party in the 2020 Presidential Election
1.04% of voters voted for the Livertarian party in the 2020 Presidential Election
0.24% of voters voted for the Green party in the 2020 Presidential Election
0.20% of voters voted for the Other party in the 2020 Presidential Election
School Data
Benzie County, Michigan, has experienced fluctuating student-to-teacher ratios, with figures ranging from 19 students per teacher in 2020 to 25 in 2023, compared to the national average of around 14. These higher ratios could suggest larger class sizes, potentially affecting personalized student attention and educational quality. This trend could be crucial for homebuyers, real estate investors, and educational planners in evaluating the community's commitment to education, as well as for... Read more
Student-to-teacher ratio in Benzie County, Michigan over the last 10 years
Benzie County, Michigan has seen a fluctuating student-to-teacher ratio over the past decade, with numbers ranging from a low of 19 students per teacher in 2020 to a high of 25 in 2023. While the national average is around 14 students per teacher, Benzie County's higher ratios may imply larger class sizes, which could impact personalized attention for students and overall educational quality. This trend might be significant for potential homebuyers, real estate investors, and educational planners considering the community's commitment to education. Insurance agents and appraisers might also find these statistics useful for assessing property values and risks associated with local schooling quality.
